Why Bitcoin keeps snapping back to $70k — and the $13B options “magnet” behind it

Bitcoin’s rebound on March 4 looked odd if you only watched it through the usual “risk assets are breaking” lens. Oil was jumping, shipping insurers were repricing war risk, and traders were treating the Strait of Hormuz like a live wire. All of the headlines had the cadence of a full-blown crisis. However, Bitcoin climbed back into the same $70,000 zone it has been orbiting for weeks, despite seeing a no…